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The Financial Reform Bill Is On Its Way - Qui Tam Team
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The Financial Reform Bill Is On Its Way

 

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The Financial Reform Bill passed through the Senate in a 60-39 vote earlier today, and is now on its way to Barack Obama for approval. Support for the bill was predominantly split along partisan lines. Most Republicans voted against it with the exception of Susan Collins and Olympia Snowe of Maine and Scott Brown of Massachusetts. Only one democrat, Russ Feingold of Wisconsin, voted against the bill, claiming it lacked strength.

Although democrats’ sweeping vote shows enthusiasm for the initiatives the bill represents, many admit they agree that the bill is not perfect. It seems for now the general mindset is to make moves in the right direction, even if they haven’t reached the best possible solutions for preventing future economic breakdowns or ways of keeping Wall Street in check. As Senator Chris Dodd (D-Conn.) states “we believe we’ve done the best we could under the circumstances to see to it that we never have another bailout of a major financial institution at taxpayer expense.”

Described as the most “comprehensive reorganization of financial regulation since the Great Depression”, the bill is designed to protect borrowers and consumers and thus ideally preventing economic breakdowns such as the one in 2008. Many are happy to hear government is taking steps to prevent misuse of the market since the concern over fraudulent use of bailout money has been a hot button issue for tax payers.

For more details about the bill visit: http://topics.nytimes.com/topics/reference/timestopics/subjects/c/credit_crisis/financial_regulatory_reform/index.html

SOURCE: http://www.nydailynews.com/news/politics/2010/07/15/2010-07-15_wall_street_reform_passes_senate_6039_vote_approves_sweeping_bill_to_overhaul_fi.html

 
 
 

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